New Delhi: Soon salaried class, pensioners may start receiving salaries and pensions even on Sundays or holidays! This is very much possible as Reserve Bank of India today announced that
the National Automated Clearing House (NACH) payment system will be available all days throughout the year . Earlier, the facility was available only on working days of banks. The announcement has been made by RBI governor Shaktikanta Das as part of the bi-monthly RBI Monetary Policy Statement 2021 on Friday.
RBI Governor Shaktikanta Das in his monetary policy statement said, “In the interest of customer convenience, and to take advantage of the availability of RTGS on all days of the year, it
is proposed to make available the NACH on all days of the week throughout the year.”
What is NACH Payment System?
RBI says that NACH is a bulk payment system and is operated by NPCI. The NACH Payment System facilitates one-to-many credit transfers. The system is used as payment of dividend, interest, salary, pension. Apart from these, NACH Payment System is used for collection of payments pertaining to electricity, gas, telephone, water, periodic installments towards loans, investments
in mutual funds, insurance premium, etc.
NACH has also emerged as a popular and prominent digital mode of direct benefit transfer (DBT) to large number of beneficiaries. This has helped transfer of government subsidies during the
present COVID-19 in a timely and transparent manner, RBI says.
When Can You Receive Salary, Pension on Sundays, Holidays
The NACH system is currently available only on the days when banks are functional. In the interest of customer convenience, and to take advantage of the availability of RTGS on all days of the year, it is proposed to make available NACH on all days of the week throughout the year, effective August 1, 2021, according to RBI statement.
This means August 1 onward you can start receiving salary and pension even on Sundays and holidays.